Ireland Trade

Subchapters:

  • Business Relationships
  • Foreign direct investment
  • FTAs ​​and Treaties
  • Development Cooperation
  • Prospective fields of study (MOP)

Business relations

Trade relations with the EU

Ireland is typically an export-oriented country, mainly due to the investments of a large number of multinational companies whose production is mainly focused on export. Ireland’s trade balance with foreign countries has been significantly active for a long time. Irish businesses owned by foreign companies account for approximately 85% of Irish exports. The values ​​of exports and imports in 2021 remained at the same level as in the previous year.

  • Allcountrylist: Overview of major industries in Ireland, including mining, construction, transportation, tourism, and foreign trade.
2017 2018 2019 2020 2021
Exports from the EU (million EUR) 46 122.9 54 133.5 56,048.0 63,947.5 61,000.0
Imports into the EU (million EUR) 31,720.50 34,717.40 34,397.40 33,046.10 33,600.0
Balance with the EU (million EUR) -14,402.4 -19,416.1 -21,650.6 -30,901.4 27,400.0

Source: European Commission

Trade relations with the Czech Republic

The trend of growth in Czech exports to Ireland continued.

2017 2018 2019 2020 2021
Exports from the Czech Republic (billion CZK) 41.2 28 22.1 24.6 32.9
Imports to the Czech Republic (billion CZK) 15.3 32.1 20.4 18 21.2
Balance with the Czech Republic (billion CZK) -26 4.1 -1.8 -6.6 11.7

Source: CZSO

Trade relations with countries outside the EU

The most important Irish trading partners are the USA and the United Kingdom (including Northern Ireland), which is reflected in the fact that the volumes of exports and imports with non-EU countries are greater than with the EU.

2017 2018 2019 2020 2021
Exports from countries outside the EU (million EUR) 71,653.1 85,503.70 95,467.60 93,880.80 103,000.0
Imports to countries outside the EU (million EUR) 47,865.9 57,371.6 52 197.2 51,698.9 68,000.0
Balance with non-EU countries (million EUR) 23,787.3 29,577.9 36,909.3 41,603.6 35,000.0

Source: EIU, Eurostat

Foreign direct investment

The Irish economy is heavily dependent on the British economy and is supported by an influx of foreign investment, especially from the USA. To date, more than 1,000 foreign companies have chosen Ireland as a base for investment. These are mainly the IT sector, the pharmaceutical industry, medical technology, financial and international services and small engineering. Among the most important companies, let’s name at least Google, Intel, Adobe, Facebook, Microsoft, HP, Apple, Amazon, Palm, etc.

Irish Government Foreign Direct Investment Strategy ‘Driving Recovery and Sustainable Growth’, 2021-2024: https://www.idaireland.com/about-ida/driving-recovery-and-sustainable-growth-2021-2024

FTAs and treaties

Treaties with the EU

Ireland is a member state of the EU.

Contracts with the Czech Republic

Convention between the Czech Republic and Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital ), area of ​​contractual arrangements: finance – avoidance of double taxation, entry into force 21.4.1996, publication No. 163/1996 Coll.

Agreement between the Czech Republic and Ireland on amendments and termination of the Agreement between the Czech Republic and Ireland on the promotion and mutual protection of investments, signed on June 28, 1996 in Dublin, negotiated by exchange of notes (Agreement between the Czech Republic and Ireland on the Amendments to the Agreement between the Czech Republic and Ireland for the Promotion and Reciprocal Protection of Investments, signed on 28th June 1996 in Dublin, and on termination thereof), area of ​​contractual regulation: finance – support and protection of investments, entry into force 1.12. 2011, publication No. 105/2011 Coll.ms

Developmental cooperation

Development aid and the fulfillment of the UN commitment to allocate 0.7% of GDP by 2030 is an integral part of Irish foreign policy.

Prospective fields of study (MOP)

Perspective field 1

IT/Cyber ​​Security – The IT sector in Ireland employs 35,000 people, generating a profit of billion a year. 200 IT companies are based in Ireland, incl. most of the biggest ones in the world (Facebook, Google, eBay, Amazon, Linkedln, Twitter, Paypal, Microsoft). Cyber ​​security is an increasingly important topic. There is a wide scope for Czech entities to supply hardware devices, IT data protection services, programming services and the field of artificial intelligence.

Perspective field 2

Green construction and energy – There is a fairly strong consensus in Irish society and politics to move towards green sustainability. The policy of the Irish government is very ambitious in this direction, especially with regard to its efforts to quickly achieve carbon neutrality, and it spends considerable resources on this goal. Energy based on renewable resources is closely related to this. This area offers a number of opportunities for manufacturers of equipment for wind, solar, bio or hydro power plants.

Perspective field 3

Agriculture and Food – In Ireland, the agriculture and food sector employs approximately 164,000 people, generating a profit of €1 billion. This economic sector offers the possibility of supplying agricultural and forestry equipment, machinery for the food (especially dairy) industry and fertilizers. Alcoholic beverages, especially wine (the demand for which has been growing significantly in recent years) and some specific agricultural crops (hops) can also find application on the Irish market.

Perspective field 4

Health care – Ireland spends one of the largest amounts of funds on health care per capita, a total of EUR 2 billion (population of less than 5 million inhabitants), which provides opportunities for Czech companies in the field of supplying medical equipment and services.

Perspective field 5

Transport and transport infrastructure – Ireland has an ambitious plan for the development of transport infrastructure by 2040, which meets the public’s demand for quality transport services that are not provided by the current local public transport system. The space is especially in the area of ​​railway transport and facilities for airports and ports.

Perspective field 6

Ireland Trade